The El Cajon shopping center, one of San Diego's only indoor retail malls, was part of a larger divestment by the Australia-based Westfield Group, which involved agreements to sell seven of its U.S. shopping centers to Starwood.

The deal for all seven malls was valued at $1.64 billion, about $120 million lower than the "book value" of the malls as of December 2012. It divested another seven U.S. malls to Starwood in April 2012. Westfield, founded by billionaire Frank Lowy, says it is consolidating its U.S. portfolio in order to fund more profitable activities.

Once the latest transactions close in the fourth quarter, Greenwich, Conn.-based investment firm will own and manage the 1.3 million square-foot mall, and Westfield will retain 10 percent interest. Westfield will continue operating six other malls throughout San Diego County, from Plaza Bonita to North County.

Starwood Retail Partners is a relatively new division of global private investment mammoth Starwood Capital Group. Formed in June 2012, the division focuses on buying retail centers that are prime candidates for redevelopment. It currently owns 12 malls in nine states.